(Answered):Prepare A Balance Sheet . . . .

Question Description

Purpose of Assignment

The purpose of this assignment is to help you understand the balance sheet presentation for the liabilities of a company.

Assignment Steps

Resources: Financial Accounting: Tools for Business Decision Making

Prepare the liabilities section of O’Brian’s balance sheet using the following information:

• Accounts payable $157,000
• Notes payable (due May 1, 2018) $20,000
• Bonds payable (due 2021) $900,000
• Unearned rent revenue $240,000
• Discount on bonds payable $41,000
• FICA taxes payable $7,800
• Interest payable $40,000
• Notes payable (due 2019) $80,000
• Income taxes payable $3,500
• Sales taxes payable $1,700

The Liabilities Section of O’Brian’s balance sheet must be 525 words.

Show work on the Week 3 Excel® spreadsheet.

Note: This